Commenting on the announcement, Leonard Dorminey, President and Chief Executive Officer of Heritage Financial Group, Inc., said, "We are pleased to welcome all Citizens Bank of Effingham customers to HeritageBank of the South. We pledge to make this transition as simple and transparent as possible for all and demonstrate the distinctly different style of banking that our customers have come to expect from HeritageBank of the South. Likewise, we welcome the loyal employees of Citizens who join us today and believe they will find this change personally and professionally rewarding. We stress to our new customers that their deposits are safe and fully accessible using their existing account numbers, checks, and debit/ATM cards. We look forward to forging even stronger relationships with all current Citizens Bank customers in the months and years ahead."With the recent completion of our second-step offering, we are pleased to have this opportunity to deploy our strengthened capital position," Dorminey continued. "This acquisition, which greatly expands our footprint across southern Georgia, extends our presence eastward from Statesboro to the strong and diverse Savannah market, giving us increased potential to grow regionally." Dorminey noted that, considering the Company's strong capital position – with a total risk-based capital ratio of 26.4% at December 31, 2010, he believes the Company remains well positioned to take advantage of possible future acquisition opportunities and FDIC-assisted deals that make sense for HeritageBank of the South's business and markets.
HeritageBank Of The South Agrees To Purchase Citizens Bank Of Effingham (Georgia) In An FDIC-Assisted Transaction
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